Saturday, July 20, 2024

After a botched airdrop, Optimism’s OP Token plummets.

In the universe of crypto airdrops, the scaling project of Ethereum, Optimism, has a new OP token. This is currently down by over seventy percent after its launch through a community airdrop. According to reports from the markets, the price of the said token has dropped to an all-time low from $4.50 to only $1.20. This happened as several people who received the crypto airdrops instantly sold the tokens that they had just received.

If you assume that a total amount of 4.3 billion tokens (OP tokens) was up for grabs, the updated trading price would lead to a diluted market capitalization amounting to about $5.1 billion. Nonetheless, calculations like this can be very tricky. This is because lower than 5% of the total amount belongs to investors allowed to trade these.

The Effect on the Optimism Community

This Ethereum airdrop was awaited with a lot of excitement. Nonetheless, when it finally took place, it was met with frustration among community members of Optimism. Users panicked and said that some people claimed tokens before the official launch. When the huge error occurred, Optimism sent out a tweet that its main mistake was its inability to put a pause button in the contract. As a result of this, claims remained open and there was no way to stop people claiming tokens. Furthermore, the load was underestimated.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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